sme-overdraft

Obligor Limit: N20, 000,000 (Twenty Million Naira)
Product Description: Finances shortfall in working capital for traders and manufacturers.

Criteria

  1. Achieved monthly credit turnover of 150%
  2. Achieve 200% after disbursement
  3. Account to swing to credit in the review cycle.
  4. Collateral FSV cover should be 150% (130% for cash or money market instrument).

Tenor

1 year with 90 days cycle for Traders
1 year with 120 days cycle for manufacturers
Facilities will be reviewed within 90 days or 120 days to ensure:

  • Turnover covenant is met
  • Account swings to credit at least once within approved cycle

Pricing

  • Interest Rate: 25%-27% p.a.
  • Commitment Fee: 1% flat
  • Management Fee: 1% flat

Security

  • Legal Mortgage with FSV of 150% collateral coverage of the facility amount, OR

Money market instruments with 130% cover.

  • Personal guarantee
  • Undertaking to domicile daily sales proceeds
  • Undated cheque with 150% cover.
  • Stock hypothecation and trust receipts
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Specially made for Traders and Manufacturers with great benefits.

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At Heritage Bank we cultivate real partnerships with Micro, Small and Medium Enterprises (or MSMEs, if you like). You practically become part of a family – call it a “progress club”. By our very nature, our services are personal, and deliberately approached from a bespoke angle, to simplify your life.

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